RBS to poach Credit Suisse banker

Companies / 31 March 2014, 11:15am

Reuters

Pedestrians are reflected in the window of a branch of the Royal Bank of Scotland in London. Picture: Suzanne Plunkett

London - One of the architects of Britain's bailout of Royal Bank of Scotland during the financial crisis is close to being hired as the UK government-backed lender's new finance director, according to media reports.

Stevenson is co-head of Credit Suisse's investment bank in Europe, the Middle East and Africa and has long advised many of the region's top banks and insurers.

He also worked on Britain's 45 billion pound ($75 billion) rescue of RBS in 2008.

RBS and Credit Suisse both declined to comment and Stevenson could not immediately be reached.

RBS announced in December Nathan Bostock had quit as finance director to join rival Santander.

RBS is expected to announce his replacement in the next month, one person familiar with the matter said.

Appointing Stevenson would add a second New Zealander to its top executive ranks alongside Ross McEwan, who took over as chief executive six months ago.

McEwan is tasked with continuing the turnaround of RBS to get it in shape for Britain to start selling its 81 percent stake in the bank, but bankers and analysts say that could take at least three more years.

Stevenson's former Credit Suisse colleague, James Leigh-Pemberton, now runs UK Financial Investments, the body that manages the state's stake in the bank. - Reuters